A hacker has allegedly stolen $25 million worth of Ethereum and spent the majority of it on Magic: The Gathering cards, which will presumably be sold for a cash profit.
As The One Ring and its $2.6 million selling price taught us all earlier this year, there’s a decent amount of money to be made from Magic: The Gathering cards. The One Ring was a special case, but there are other examples like the Black Lotus, which was purchased by Post Malone for $800,000. Okay, I swear they don’t all have ties to Post Malone.
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The point still stands that selling MTG cards can make you a fair amount of money – especially if you’re using stolen crypto to buy them in the first place. That appears to be what one unidentified hacker has been doing with $25 million of Ethereum, as most of the money he’s “washed” has seemingly been spent on Magic: The Gathering.
As reported by Blockonomi, this news comes courtesy of Twitter account zachxbt, a well-known cryptocurrency “detective” who exposes scams and other dodgy uses of the currency, among other things like NFTs. A few days ago, zachxbt tweeted that they’d been keeping an eye on someone who had withdrawn 11,200+ worth of Ethereum from Tornado Cash (an open-source cryptocurrency tumbler), which amounts to around $25 million overall.
What makes this story so interesting is that the as-of-yet-unknown hacker spent “the majority” of the stolen Ethereum on Magic: The Gathering cards. The tweet thread shared by zachxbt goes into a lot more detail about how exactly the cryptocurrency was stolen, but the end result was the money being spent on MTG cards using a broker that was known for accepting cryptocurrencies.
The hacker has allegedly spent millions on “starter decks, alpha sets, and sealed boxes” and strangely seemed to be overpaying for them by up to ten percent, possibly to keep the seller happy. It’s not clear what the hacker intends to do with the MTG cards, but considering the rarity of some of the decks and sets that they’ve purchased, it seems likely that he’s purchased them to then sell them on and make a profit.
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